To get the most out of your personal property coverage, you’ll need to make an inventory of all your belongings. RCV gives you the amount you’d need to replace the item with a new one. ACV gives you the market value for your stuff the day it was damaged or destroyed (usually much less than what you paid for it-a used fridge costs less than a brand-new one, after all). And they’ll base that dollar value on one of two things: actual cash value (ACV) or replacement cost (RCV).

Typically, the insurance company will pay out up to 50% of your dwelling coverage to replace your personal property. It can also include any watercraft you own worth up to $1,000 if it’s stolen from your property. This would include (just about) all the stuff you own-including that extra ugly dish set you got as a wedding present but definitely wasn’t on your registry.